Hints and tips:
...The now expansive buyout and private credit industries were also pioneered by small teams of former bankers from groups like Bear Stearns, Lehman Brothers and Drexel Burnham Lambert, who devised new financial...
...Northern Rock, Bear Stearns, Countrywide Financial and Alliance & Leicester. Back in late 2007 and early 2008, when they all failed or were rescued, none of the above was systemically important....
...More broadly, SVB’s collapse has highlighted the key ingredient to a stable banking sector: trust. “Banking is in part a trust game,” said Judge....
...Spreads on triple-B commercial mortgage-backed securities, the lowest rung of investment grade, are shooting up: And so are lenders....
...Cayne’s other existential mistakes included another decision, in 2007, to have Bear Stearns become the overnight lender to the two affiliated hedge funds that had invested heavily in various mortgage-backed...
...Just as the collapse of Bear Stearns in 2008 had prompted Kelleher to batten down the hatches before Morgan Stanley’s own near-death experience six months later, he was again preparing for the worst....
...“Remember that problem of the rating agencies in 2007?”...
...The global financial crisis December 2007 The Federal Reserve’s first Term Auction Facility auction takes place, designed to ease a liquidity shortage among commercial banks....
...Huge losses on mortgage investments cost Merrill Lynch’s chief executive, Stan O’Neal, his job in 2007 and ultimately precipitated a sale to Bank of America in 2008....
...Bronwyn Curtis, chair at JPMorgan Asian Investment Trust: No....
...The bank bulked up during the crisis by taking over the collapsing Bear Stearns and Washington Mutual....
...Deposits now account for 23 per cent of the bank’s funding mix, up from 3 per cent at the end of 2007....
...A further decline in interest payments, thanks to the sharp fall in mortgage rates over the past six months, also will help to boost disposable incomes....
...When global market nervousness, triggered by the US subprime mortgage crisis, led those wholesale funding markets to seize up, Northern Rock, like Bear Stearns and Lehman Brothers after it, had no way of...
...“Whether it was Northern Rock or Bear Stearns, it was inevitable that a crisis was going to occur,” he says. “The banking system as a whole was very highly leveraged....
...Earlier that summer, when Bear Stearns liquidated a hedge fund subsidiary specialising in mortgage assets, it could have been anomalous....
...Before the crisis, there was no minimum ownership, resulting in mortgage firms simply flipping all kinds of dross at Goldman or Merrill or Bear Stearns....
...One market veteran noted the ironic timing: Blackstone’s debut was the same day that two Bear Stearns hedge funds stuffed with mortgage-backed securities neared collapse — an event considered as the starting...
...After the collapse of Bear Stearns, people started looking at banks [in] a very critical light.”...
...We will be more specific: the bailout looks very much like the Bear Stearns moment....
...Royal Bank of Scotland grew out of National Westminster Bank and later ABN Amro; Deutsche grew out of Morgan Grenfell and Bankers Trust; JP Morgan Chase – Bank One, Chemical Bank, scrappy Bear Stearns, Washington...
...JPMorgan Chase, for example has ballooned, boasting assets of $2.4tn following organic growth and crisis-triggered acquisitions of Bear Stearns and Washington Mutual, compared with only $1.6tn in 2007....
...[Laughter] We’ve done quite a bit of work trying to identify some of the funding questions surrounding Bear Stearns, Countrywide, and some of the commercial paper programs....
...The crisis in the market for subprime loans set off a series of events that eventually led to the collapse of US investment banks Bear Stearns and Lehman Brothers....
...A partner at his firm, Larry Iason, had been retained already by Mark Kurland, the Bear Stearns executive turned hedge manager who was taken into custody that day....
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